What is the difference between a bronze, silver, gold, and platinum plan?

Asked a year ago
The difference between the bronze, silver, gold, and platinum plans lies in the level of coverage and cost sharing they offer. Bronze plans have the lowest premiums but also the highest out-of-pocket costs when receiving care. They cover about 60% of healthcare costs, with individuals responsible for the remaining 40%. Silver plans cover around 70% of costs, leaving individuals with a smaller burden. Gold plans cover approximately 80%, while platinum plans cover about 90% of healthcare costs, resulting in lower out-of-pocket expenses for the insured. As the coverage levels increase, so does the monthly premium. Individuals who anticipate frequent medical needs may opt for a higher-tier plan with higher premiums to minimize their out-of-pocket costs, while those who rarely need medical care may choose a lower-tier plan to save on monthly premiums.
Jeff Whelpley is the editor / author responsible for this content.
Answered May 3, 2024

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